Alternative Minimum Tax

[Ozoned]

The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

 

[IronWing]

We could end the war and meet pay-go.

 

[ProfJohn]

Originally posted by: ironwing
We could end the war and meet pay-go.

2008 budget deficit = $400 billion

cost of the war in 2008 = $125 billion

We end the war we are still $275 billion in the hole.

 

[brencat]

Originally posted by: ProfJohn

Originally posted by: ironwing
We could end the war and meet pay-go.

2008 budget deficit = $400 billion

cost of the war in 2008 = $125 billion

We end the war we are still $275 billion in the hole.

Cut spending to close the gap?

No wait...government can never do that.

 

[Ozoned]

Originally posted by: ProfJohn

Originally posted by: ironwing
We could end the war and meet pay-go.

2008 budget deficit = $400 billion

cost of the war in 2008 = $125 billion

We end the war we are still $275 billion in the hole.

After pawning all of our worthless mortgaged backed securities to the suckers,,, er uhh,, other countries, they probably won't be any money to finance our deficit anyway.

 

[winnar111]

Originally posted by: Ozoned
The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

The entire point is not to. This way he can talk about 'tax cuts' for the 'middle class', and not have to actually do so.

Thanks, Clinton!

Democrats in the local government put it in our mouths, while Jon Corzine puts it in our ass. W was our last line of defense.

 

[Insomniator]

And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

 

[shira]

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

 

[Insomniator]

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

 

[Mani]

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

 

[Mani]

Originally posted by: winnar111

Originally posted by: Ozoned
The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

The entire point is not to. This way he can talk about 'tax cuts' for the 'middle class', and not have to actually do so.

Thanks, Clinton!

Democrats in the local government put it in our mouths, while Jon Corzine puts it in our ass. W was our last line of defense.

"last line of defense"...lol against what? Jobs? A decent economy?

 

[Insomniator]

Originally posted by: Mani

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

Just like they did after Clinton said so in 93, or Bush before that?

 

[Fern]

Originally posted by: Mani

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

Can you support this statement with published details of Obama's plan (not to mention what new tax law Congress may actually pass into legislation) ?

The OP has a good point; do you recognize it?

Cutting regular income taxes for people making less than $250K ($200K if single - which raises another point altogether) will merely mean more people pay AMT (unless AMT is also cut).

If you cut regular tax but not AMT, for many people this isn't a tax break at all; they'll just be paying more AMT (the math formula in taxation is *AMT tax minus regular income tax = tax due*. So if you lower the regular tax but not the AMT tax, it results in the same tax due it's just that more of it is now considered AMT instead of regular tax)

Fern

 

[Robor]

Originally posted by: winnar111

Originally posted by: Ozoned
The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

The entire point is not to. This way he can talk about 'tax cuts' for the 'middle class', and not have to actually do so.

Thanks, Clinton!

Democrats in the local government put it in our mouths, while Jon Corzine puts it in our ass. W was our last line of defense.

Praise for W? Wow, at least you're honest in your ignorance.

 

[Mursilis]

Originally posted by: Mani

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

It's just amazing to me that people still believe campaign rhetoric despite the mountain of evidence (Remember Clinton's promised middle class tax cut? Remember Bush 1's no-new-taxes pledge? Remember almost anything GWB said?) to the contrary. But wait, I forgot Obama's the Messiah, so of course he'd never lie.

 

[Ozoned]

Originally posted by: Fern

Originally posted by: Mani

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

Can you support this statement with published details of Obama's plan (not to mention what new tax law Congress may actually pass into legislation) ?

The OP has a good point; do you recognize it?

Cutting regular income taxes for people making less than $250K ($200K if single - which raises another point altogether) will merely mean more people pay AMT (unless AMT is also cut).

If you cut regular tax but not AMT, for many people this isn't a tax break at all; they'll just be paying more AMT (the math formula in taxation is *AMT tax minus regular income tax = tax due*. So if you lower the regular tax but not the AMT tax, it results in the same tax due it's just that more of it is now considered AMT instead of regular tax)

Fern

I wish Obama would address it. It would be interesting to hear...

 

[CPA]

Originally posted by: Ozoned
The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

this is almost my exact situation.

 

[Thump553]

The significant problems with the AMT were fixed as part of the "pork" in the wall street bailout bill. A reform that was well overdue, IMO.

OP, is there some specific complaint about AMT that you still have?

 

[sactoking]

Originally posted by: Thump553
The significant problems with the AMT were fixed as part of the "pork" in the wall street bailout bill. A reform that was well overdue, IMO.

OP, is there some specific complaint about AMT that you still have?

A 1 year suspension of the AMT fixed the "significant problems"??????????

That's a heaping load of BS. The AMT will be back in full force in 2009 unless someone ACTUALLY DOES SOMETHING ABOUT IT or passes yet another 1 year suspension. The AMT has NEVER been addressed, it's just been pushed to the back burner for someone else to figure out.

 

[Ozoned]

Originally posted by: Thump553
The significant problems with the AMT were fixed as part of the "pork" in the wall street bailout bill. A reform that was well overdue, IMO.

OP, is there some specific complaint about AMT that you still have?

The reform did not address my situation or the scenerio I posted. It raised the threshhold from 46,000 to 69,000 temporarily.

 

[winnar111]

Originally posted by: Mani

Originally posted by: winnar111

Originally posted by: Ozoned
The middle class take it in the ass twice tax, as I like to call it. Fierce opposition in the Democratically controlled Congress to do away with it or fix it without some kind of pay-go clause.
If you make $100,000 a year and your wife decides to go to work and makes $50,000 more.......How would Obama plan reconcile that tax increase, as your % will go up dramatically.

The entire point is not to. This way he can talk about 'tax cuts' for the 'middle class', and not have to actually do so.

Thanks, Clinton!

Democrats in the local government put it in our mouths, while Jon Corzine puts it in our ass. W was our last line of defense.

"last line of defense"...lol against what? Jobs? A decent economy?

Free trade, taxes and government healthcare.

 

[Genx87]

Originally posted by: sactoking

Originally posted by: Thump553
The significant problems with the AMT were fixed as part of the "pork" in the wall street bailout bill. A reform that was well overdue, IMO.

OP, is there some specific complaint about AMT that you still have?

A 1 year suspension of the AMT fixed the "significant problems"??????????

That's a heaping load of BS. The AMT will be back in full force in 2009 unless someone ACTUALLY DOES SOMETHING ABOUT IT or passes yet another 1 year suspension. The AMT has NEVER been addressed, it's just been pushed to the back burner for someone else to figure out.

It need to be fixed. And the OP has a point. How does the AMT figure into Obama's tax plan?

 

[Thump553]

It seems to me in the OP you are confusing AMT with the so-called marriage penalty. Am I missing something? What is causing you to be subject to the AMT?

 

[Mani]

Originally posted by: Fern

Originally posted by: Mani

Originally posted by: Insomniator

Originally posted by: shira

Originally posted by: Insomniator
And if Obama wins W's cuts will be over in 2010. Tax increase for everyone! hoorrayyy

Um, no. Obama has stated repeatedly that he'd continue the cuts for all except the top 5% of taxpayers. That goes for capital gains taxes, too.

Please lie about something else.

We'll see what really happens. It's amusing to me how many people (that make any kind of reasonable living.. say 40k+) really think they are going to get an overall tax break with this guy.

Uh, they will.

Can you support this statement with published details of Obama's plan (not to mention what new tax law Congress may actually pass into legislation) ?

The OP has a good point; do you recognize it?

Cutting regular income taxes for people making less than $250K ($200K if single - which raises another point altogether) will merely mean more people pay AMT (unless AMT is also cut).

If you cut regular tax but not AMT, for many people this isn't a tax break at all; they'll just be paying more AMT (the math formula in taxation is *AMT tax minus regular income tax = tax due*. So if you lower the regular tax but not the AMT tax, it results in the same tax due it's just that more of it is now considered AMT instead of regular tax)

Fern

It's rare that candidates go into that level of detail when discussing tax policies before the election, including Bush. Obama has brought up the AMT and how broken it is numerous times on the campaign trail. Besides, if he is making promises he knows he can't keep, why stop at the top 5%? Why not just say he's going to lower everybody's taxes regardless?

All of Obama's top advisors believe lower taxes for the middle class spur the economy. He's smart enough to realize that there is no reason to risk an extension of the economic downturn during his first term just to take in incrementally more tax revenue.

 

[imported_Lothar]

I have a simple plan to fix the AMT.

Index it to inflation.